Carlos Tavares said Tesla is facing a reality check after its margins declined significantly over the past year.
moved from more than 17 percent in the first half of 2022 to 10.5 percent in the first half of 2023, which is a big decline however you look at it. The fall continued in the second quarter, reaching 9.6 percent.
"They were more profitable than Stellantis, now they are less profitable than Stellantis," the executive remarked. Tavares said Stellantis' margins are also better than that of General Motors, which he estimated at 8.3 percent. He also noted that Stellantis has no plan to lower prices on his vehicles, looking to squeeze production costs instead., would have to face increasing competition from Chinese EV makers in their home markets.
"If we are racing for the bottom in terms of facing the Chinese with price cuts, Tesla will have problems with that strategy before we do, because we are more profitable than Tesla," the executive noted. Stellantis, the world's third-largest carmaker by sales, posted its first-half results on July 26, announcing a rise in its revenue, operating profit, and net profit. The company also posted a 24-percent increase in global EV sales even though its North American EV offensive is yet to begin.
Stellantis has yet to launch a battery-electric vehicle in the region, despite the fact it sells dozens of BEVs in Europe. The automaker's first EVs will launch in North America later this year, including theThe EV offensive will continue next year with eight new models, including the Dodge Charger Daytona electric muscle car,
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